Revenue performance
- QQ1 2025 revenue: 332,736,500 CNY; YoY growth: 29.83%; QoQ growth: -49.46% (driven by seasonality and project timing).
- Four-quarter comparison shows a sharp sequential drop from Q4 2024 revenue of 658,330,500 CNY, indicating a pronounced quarter-season effect and/or project phasing.
Gross profit and margin
- Gross profit: 60,540,000 CNY; gross margin: 18.19% (vs. prior-year period, gross profit up 115.89%).
- Margin expansion versus QQ1 2024 reflects improved product mix or higher-margin service components, but absolute gross profit remains modest for a hardware and systems integrator with large project scope.
Operating profitability
- EBITDA: 21,861,000 CNY; EBITDA margin: 6.57%.
- Operating income: -2,862,500 CNY; operating income margin: -0.86%.
- Net income: -3,246,000 CNY; net margin: -0.98%.
- Depreciation and amortization: 29,960,500 CNY, indicating substantial non-cash charges related to capitalized assets and systems. SG&A (selling, general, and administrative) expenses total 76,019,000 CNY, contributing to the near-term profitability headwinds.
Liquidity and earnings quality
- Net income was negative despite positive EBITDA, suggesting a burden from depreciation and non-cash items plus high ongoing overhead. EPS (diluted) was -0.0041 CNY.
- Weighted average shares outstanding: 782,168,674 for QQ1 2025.
Why these metrics matter
- The turn from negative operating income to positive EBITDA indicates the business is generating cash flow at the operating level before capex and financing effects, underscoring the potential to improve profitability with scale, better project mix, and cost controls. The pronounced QoQ revenue decline underscores seasonality or project timing risks typical in hardware-enabled energy and infrastructure solutions.